The COVID-19 pandemic made some changes in how real estate works in Broward County. As Broward County Realtors, we stay in touch with market conditions and what we saw in the Broward County Real Estate Stats May 2020 indicates that the market slowed, but there is still opportunity in Broward County.
There were 814 CLOSED SALES in May 2020, a decrease of 51% from May 2019. It’s natural that the real estate market has less volume now due to the COVID-19 pandemic. But, while the volume has gone down, there were still TRANSACTION IN MAY that represented $381.5 million, which is nothing to sneeze at.
The MEDIAN SALES PRICE was $372,500, and the AVERAGE SALES PRICE was $468,646. Those two indicators point to the fact that home prices are slightly higher than the same month in 2019 higher priced homes are still very active in the marketplace.
The MEDIAN PERCENT OF THE ORIGINAL LIST PRICE received was excellent. Homes sold at a healthy 96.2% of the original list price. Even with all the pressures in the current market, buyers aren’t expecting that sellers are desperate and will accept extremely low offers.
The market is moving faster than the same time last year. The MEDIAN TIME TO CONTRACT in May was 33 days, which is about 23% less than May 2019, when the median was 43 days. For buyers, the message is that homes are moving relatively rapidly and decisions need to be made quickly. It’s good news for sellers because homes aren’t typically languishing on the market for months.
The MEDIAN TIME TO SALE was 76 days as compared to 84 days in May, 2019. That’s good news for both buyers and sellers because it indicates that the financing process hasn’t slowed down. In fact, it may be moving even faster.
In May 2020, there were 1,755 NEW LISTINGS added to the real estate market in Broward County. That’s down about 15% from the same month last year, but it indicates that even with the pandemic, people are still ready to sell.
At the end of May 2020, there were 4,762 ACTIVE LISTINGS, which comprises a 3.9 MONTHS SUPPLY OF INVENTORY. The Months Supply of Inventory shows you how long it would take to sell all existing listings. Under six months of inventory indicates a seller’s market.
In a seller’s market, there are more buyers than there are homes on the market. For sellers, that means that the market is strong and they can expect to sell their homes pretty close to the listing price. For buyers, it means that they will often be competing with other buyers for the same house.
As a team, the Teri Arbogast Team is keeping busy listing homes and helping buyers. If you’re thinking about buying or selling, you should know that the pandemic hasn’t ravaged the market for Davie homes for sale or homes for sale in other areas in Broward County such as:
- Cooper City homes for sale
- Coral Springs homes for sale
- Pembroke Pines homes for sale
- Plantation homes for sale
- Southwest Ranches homes for sale
- Sunrise homes for sale
- Weston homes for sale
If you want to hire Realtors in Broward County, please consider the Teri Arbogast Real Estate Team. Take a look at our Google reviews, and you’ll see that our clients have lots of good things to say. We’re very proud of our five-star ratings on Google, Zillow, and other real estate review websites. We’d love to make you our next successful client! Call us at 954-242-8030 or send an email today.
